Circle and Coinbase partnered with the government of Bermuda. The collaboration aims to build the world's first 'on-chain' national economy.
Announced at the World Economic Forum in Davos, the plan establishes Circle's USDC stablecoin as a primary method for dollar-based payments. This mechanism seeks to make transactions faster and cheaper.
The initiative provides infrastructure and tools to local banks, insurers, and businesses. This establishes a comprehensive on-chain financial ecosystem.
The collaboration utilizes Bermuda's established digital asset regulations. Both Circle and Coinbase were previously licensed under these regulations.